State of Michigan Retirement System Lowers Stock Position in Frontier Communications Parent, Inc. (NASDAQ:FYBR)

State of Michigan Retirement System decreased its holdings in Frontier Communications Parent, Inc. (NASDAQ:FYBR) by 0.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 53,900 shares of the company’s stock after selling 400 shares during the period. State of Michigan Retirement System’s holdings in Frontier Communications Parent were worth $1,411,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Hexagon Capital Partners LLC raised its position in shares of Frontier Communications Parent by 120.1% in the 4th quarter. Hexagon Capital Partners LLC now owns 975 shares of the company’s stock worth $25,000 after acquiring an additional 532 shares in the last quarter. SummerHaven Investment Management LLC lifted its position in shares of Frontier Communications Parent by 1.3% during the second quarter. SummerHaven Investment Management LLC now owns 44,797 shares of the company’s stock valued at $1,173,000 after buying an additional 585 shares during the last quarter. Wedmont Private Capital boosted its holdings in shares of Frontier Communications Parent by 6.8% in the 2nd quarter. Wedmont Private Capital now owns 10,075 shares of the company’s stock valued at $275,000 after buying an additional 640 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Frontier Communications Parent by 11.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,113 shares of the company’s stock worth $180,000 after buying an additional 732 shares during the last quarter. Finally, Retirement Systems of Alabama grew its position in shares of Frontier Communications Parent by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 277,784 shares of the company’s stock worth $6,806,000 after buying an additional 763 shares during the last quarter.

Frontier Communications Parent Price Performance

Shares of FYBR stock opened at $28.51 on Friday. Frontier Communications Parent, Inc. has a fifty-two week low of $13.66 and a fifty-two week high of $29.83. The firm has a market capitalization of $7.09 billion, a price-to-earnings ratio of 259.18 and a beta of 1.08. The company has a debt-to-equity ratio of 2.14, a quick ratio of 1.07 and a current ratio of 1.07. The stock’s 50-day simple moving average is $27.33 and its 200-day simple moving average is $25.37.

Frontier Communications Parent (NASDAQ:FYBR) last released its earnings results on Friday, August 2nd. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.38). Frontier Communications Parent had a return on equity of 0.52% and a net margin of 0.47%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.46 billion. During the same period last year, the firm earned ($0.01) EPS. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, equities analysts forecast that Frontier Communications Parent, Inc. will post -0.44 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FYBR shares. JPMorgan Chase & Co. raised their target price on shares of Frontier Communications Parent from $33.00 to $35.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Benchmark boosted their target price on Frontier Communications Parent from $35.00 to $37.00 and gave the stock a “buy” rating in a research note on Tuesday. Citigroup upped their target price on Frontier Communications Parent from $32.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. UBS Group initiated coverage on Frontier Communications Parent in a report on Thursday, July 18th. They issued a “buy” rating and a $33.00 price target for the company. Finally, TD Cowen dropped their price target on Frontier Communications Parent from $41.00 to $39.00 and set a “buy” rating on the stock in a research note on Monday, May 6th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to MarketBeat, Frontier Communications Parent currently has an average rating of “Moderate Buy” and a consensus price target of $32.13.

Frontier Communications Parent Profile

Frontier Communications Parent, Inc, together with its subsidiaries, provides communication and technology services in the United States. It offers broadband, video, voice, and other value-added services. The company also provides data and Internet, including broadband networking services; data-based voice over internet protocol, unified communications, long-distance, and voice messaging services; video services under the Frontier TV brand; access services; hardware and network solutions; and packages of services.